Sarasota Company has the following sales projections for its second and third quarters: April May June July August September $130,000 $100,000 $120,000 $140,000 $160,000 $150,000 mal cash collection experience has been that 50% of sales are collected during the month of sale, 30% in the month following sale, and 15% in the second mor following sale. The remaining 5% of sales is never collected Prepare the schedule of cash collections for the third quarter, by month and in total Cash Collection Schedule Total planned sales Jul Aug Sep 3rd Qtr Credit sales collected during month Credit sales collected one month later Credit sales collected two months later